My day job is running a digital advertisng media agency. Like every business today, we recognize that it cannot be "business as usual" in 2009. Thus, some of my resolutions for the year which I thought worth posting in this blog:
Figure out how to monetize Twitter:
Twitter is clearly the fastest growing phenomenon in the social media arena. Facebook and MySpace have been problematic from a banner effectiveness standpoint. But they have proven effective for more branding oriented functions such as widgets. LinkedIn provides really unique targeting. And our company has made hay with it through the network effect. Two large clients have come about through these connections.
Twitter is so many things. It could replace news bureaus as it seems to have a lot news first if you follow the right Tweeters. Dell has proven that it can work for eCommerce with a claim that they have sold more than $1MM in goods through Twitter. And it is clearly effective for keeping tabs on the social marketing milieu. It has games and activities, brand buzz tracking, famous people and spam, which probably means that there is something in Twitter if it is worthwhile for the spammers.
Neither we or Twitter have nailed down the formula for monetization yet. Maybe in 2009.
Perfect the integration of social, emerging media tech and search with web display:
We’re actively working on this. "Back in the day" silos meant that clients had to determine media mix with a separate agency for traditional media and web. Now a lot of advertisers give their digital agency emerging media technology assignments, a search company their search business and a social or guerilla start-up their social efforts. This means that once again the client must act as media planner, doling out dollars and determining mix. Media planners should be doing this from an integrated viewpoint. This will simplify strategies, tracking and optimization and yield better information on attribution.
Help move industry metrics issues ahead:
Pick an issue. There are plenty that are unresolved. Single pixel for tracking. Video measurement. Attribution management or e-Map. The fact that the research numbers from comScore and NetRatings understate what sites think their real audience is. (Quantcast may be a solution here). And we still have not effectively solved reach and frequency. There is more, but it would be a good start for the industry to have clear standards and good products for the above.
Introduce minimum of 2-3 new companies to the digital world:
One of the frustrating and on the other hand really great things about digital is that not all clients embrace it. It is frustrating when clients either dabble in web display, have their search run by the webmaster who reports to IT, keeping it out of the marketing mix or eschew the "unproven" forms of digital such as mobile, widgets, social media, etc. But this is also the great opportunity. Taking a company that has yet to see the light into one or more digital venues and having them see the light makes it all worth while.
There’s more, but if we as a company and an industry can move the ball ahead a little on the above issues, it will brighten up the dark days we have seen of recent.